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While the number of rides completed on the platform hit an all-time high, they too fell short of projections. (David Paul Morris/Bloomberg)

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Lyft Inc. shares slid in late Aug. 6 trading after the ride-hailing company reported revenue that fell short of Wall Street’s expectations, stoking concerns about its efforts to expand globally.

The company in the three months ended June 30, slightly missing analysts’ expectations of $1.61 billion. And while the number of rides completed on the platform hit an all-time high, they too fell short of projections. Shares of the company were down about 7.2% at about $12.97 in after-hours trading. Ìý

The results landed just hours after Uber Technologies Inc.ÌýissuedÌýa better-than-expected forecast for the third quarter and exceeded Wall Street’s expectations on gross bookings. However, the company’s own ride-share unit recorded $23.8 billion in bookings, falling slightly below expectations, also driving the company’s shares down on Aug. 6.

The disappointing results of ride-hailing companies such as Uber and Lyft offer a glimpse into discretionary consumer spending at a time when the economy is already flashing warning signs. Just last week, U.S. employment numbersÌýpaintedÌýa much weaker picture of the labor market than previously reported, and inflation-adjusted consumer spending — which accounts for about two-thirds of US economic activity — fell in the first half of the year.

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(Bloomberg)

Lyft’s sales miss overshadowed what was otherwise a strong quarter. The company’s net income totaled $40.3 million in the second quarter, more than double the $18.1 million that analysts had expected. Gross bookings gained 12% from a year earlier, roughly in line with estimates. The number of active passengers hit a record.Ìý

In the third quarter, Lyft said it expects gross bookings to rise to as high as $4.8 billion and projected adjusted earnings of $125 million to $145 million. The company’s outlook includes the integration of Freenow, the European taxi app it recently acquired, beginning Aug. 1.Ìý

Since attaining consistent positive free cash flow in the past year, Lyft has been working on growing globally. It has expanded into the 10 most populous Canadian cities, as well as Puerto Rico. Last week, the company formally entered nine new European markets including U.K. and Germany after completing its acquisition of Freenow.

As part of this expansion, Lyft announced this month aÌýpartnershipÌýwith Baidu Inc. to begin deploying autonomous vehicles in Europe. Initial launches are planned for Germany and the U.K. in 2026 pending regulatory approval, with Lyft using Baidu’s robotaxis. Last month, Uber announced a deal in which it will feature Baidu’s driverless cars on the Uber app, but the initial deployment later this year is planned for Asia and the Middle East, not Europe.

Lyft is also working toward offering its first driverless rides in Atlanta later this year with May Mobility Inc. The firm’s also planning U.S. deployments in 2026 with Intel Corp.-backed Mobileye Global Inc. and Benteler Group.

Lyft separately announced on Aug. 6 a new partnership that would allow United Airlines Holdings Inc. members to earn miles on rides.